by The growing offshore oil and gas industry is anticipated to open up the new avenue for Anti Corrosion Coatings Market
Anti corrosion coatings are protective coatings applied to metallic surfaces to prevent corrosion. They form a protective layer that acts as a barrier between the substrate material and the surrounding corrosive environment. The major products in this market include epoxy, alkyd, zinc, and polyurethane. They are widely used in industries such as marine, oil & gas, infrastructure, automotive, aerospace and more. The protective coatings increase the durability of structures and equipment by preventing premature failure and protecting costly infrastructure assets.
The Anti Corrosion Coatings Market is estimated to be valued at US$ 46.90 Bn in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The growth of the anti corrosion coatings market is driven by increasing demand from infrastructure and oil & gas industries. Rapid urbanization and industrialization has boosted infrastructure development globally. Mega infrastructure projects such as metro rails, bridges, ports, power transmission lines require extensive use of anti corrosion coatings to prevent corrosion of concrete and metal surfaces. Similarly, expansion of oil exploration activities both offshore and onshore is augmenting the consumption of anti corrosion coatings for protection of pipelines, platforms, drilling rigs and other metal equipment exposed to corrosive environmental conditions.
Another driver for the market is stringent government regulations regarding corrosion prevention. Regulatory bodies have framed rules mandating proper protection of assets involved in industries such as marine, oil & gas, chemical etc. This is pressing companies to strictly adhere to coating standards and opt for certified corrosion resistant coatings. Such regulations aim at averting corrosion failures and extending asset life, thereby providing stability to the anti corrosion coatings market.
Segment Analysis
The global anti corrosion coatings market is dominated by epoxy resins sub-segment. Epoxy resins are known for their excellent adhesive strength, water resistance and ability to form a protective film over metal substrates to prevent corrosion. They also offer superior mechanical properties compared to other resins. Unlike other resins, epoxy resins can be formulated to work effectively across a wide range of temperatures and physical conditions.
PEST Analysis
Political: Regulations mandating use of low VOC and environment-friendly coatings are driving demand for water-borne and powder coatings. Various governments provide subsidies and tax benefits for use of anti-corrosion coatings.
Economic: Growth of end-use industries such as oil & gas, marine, infrastructure is driving market growth. Developing nations are investing heavily in infrastructure development which boosts coatings demand.
Social: Increasing awareness about corrosion protection and surface preparation is positively impacting the market.
Technological: Developments in powder coatings, inorganic zinc silicate technology and epoxy coatings have increased coating life and reduced environmental footprint.
Key Takeaways
The global anti corrosion coatings market is expected to witness high growth, exhibiting CAGR of 3.8% over the forecast period, due to increasing investments in infrastructure development and growth of end-use industries.
The Asia Pacific region dominates the global market and is expected to maintain its lead over the forecast period. Rapid industrialization and infrastructure development in China and India is driving the regional market.
Key players operating in the anti-corrosion coatings market are BASF, Ashland Inc., Nippon Paint Co. Ltd., AkzoNobel N.V., Jotun A/S, Axalta Coating System Ltd., The Sherwin-Williams Company, Kansai Paints Co. Ltd., PPG Industries Inc. and Hempel A/S. Strategic partnerships, new product launches, and expansions are some of the key strategies adopted by major players to gain higher market share.
